Cardano (ADA) Eyes a $2.50 Retest amid Increased Adoption

Briefly –

  • Cardano CEO trusts that the ‘ETH Killer’ network will attract billions.
  • ADA’s sees surged on-chain activity amid risen social dominance.
  • Analysts remain bullish on ADA price, saying that the downswing has ended, and the altcoin will eye $2.50 retest.

The ETH-killer Cardano has seen increased adoption as the altcoin’s on-chain activity surged. With that, analysts predict a rally in ADA price, targeting the value areas of $2.50. Moreover, the crypto project saw heightened social dominance.

ADA Ready for a Bullish Run amid Growing Adoption

Charles Hoskinson, Cardano’s CEO, trusts that projects such as ADA blockchain will eventually be pervasive like the internet, allowing usage by billions of people in the future.

Moreover, the executive remains optimistic about Cardano’s adoption. The founder stated that the blockchain progressed regardless of the slow ecosystem upgrades. Hoskinson believes the blockchain sees more platform upgrades and less hype.

Also, crypto analysts remain bullish as far as Cardano’s future price reactions are concerned. A pseudonymous crypto expert @Ezy_Bitcoin analyzed ADA price movements and observed another drop. The analysts trust Cardano is printing a head-shoulder formation with its price movements, a bullish structure.

Though offered negative 3-month profits to enthusiasts, ADA price appears ready to rally higher. Crypto Krystian, a YouTube cryptocurrency analyst, remained optimistic about Cardano. He trusts that Cardano overpowered the vital level at $1.33. Crypto Krystian predicted uptrends for Cardano. Meanwhile, FXStreet financial experts vie ADA on an upward explosive journey until Cardano cracks $1.50.

ADA/USD 4Hr chart

The 4hr chart shows Cardano’s price forming a reliable base past $1.30. With that, market players may expect a new push to higher levels. Meanwhile, ADA has suffered steady drops over the past few weeks. The crypto tested its support multiple times, setting lower highs to confirm an increasingly constricted trading range.

ADA retested the support at $1.20 after printing a lower high at $1.30 before breaking to higher levels yesterday. Cardano attained the $1.37 peak, suggesting a massive higher high. With that, the market structure turned bullish again.

Maintaining the bullish momentum will see ADA conquering the $1.40 hurdle to clear the road towards the optimistic aim at $2.50. Also, the increased adoption will boost the altcoin in its upward journey.

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